fill in missing word   The _______ economy is a way of organizing activity based on returning all resources involved in the production of goods and services back into productive used with the goal of eliminating waste and reducing material inputs

Q: What explains why millions of economic resources tend to get arranged logically and productively…

A: The production is the process of transforming the resources into final goods and services that…

Q: What causes costs of production to vary with output in the short run? What generally causes costs…

A: The long run refers to a time frame where all factors of production and costs will be variable, and…

Q: Explain the knowledge problem faced when attempting to plan an economy. Does this have any relation…

A: Government must use fiscal policy to increase employment by increasing aggregate demand in order to…

Q: Tutorial 13: Working with multiple elements of a graph This tutorial has presented the basic types…

A: Introduction: The quantity of a particular commodity that individuals are willing to buy, together…

Q: The Principle of Diminishing Marginal Returns means what?         the more a good is consumed, the…

A: Diminishing Marginal Returns states as additional units of a variable input are added to a fixed…

Q: What do we assume to be the goal a typical firm in the production model pursues? A. Maximized…

A: A market consists of many firms and consumers.  Firms are supplier of goods and services.  Consumers…

Q: What are the characteristics of factors of production Only three characteristics

A: According to the given question The factors of production are also known as the productive resources…

Q: Explain Theory of production, and Theory of cost. Analyze the business, using at least a…

A: Theory of production: It is a theory which explains how a business decides how much of a good to…

Q: Demonstrate an understanding of the coordinate system by using it to outline the relationship…

A: Pairs of observations on variables can be represented on a plane in a Cartesian coordinate system by…

Q: 14. Your business profits have increased. Instead of putting that money into your personal bank…

A: Disclaimer :- as you posted multiple questions we are supposed to solve the first one only. But 14…

Q: Explain how the stages of production are determined. Give information about the shape and slope of…

A: A production function shows the unique relationship between inputs and outputs. It shows the maximum…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: The diagram presented is a production possibilities frontier (PPF), a fundamental concept in…

Q: Identify the three important factors in the production system. Explain each in your own words.…

A: Production function: The term production means producing something and it is related to the…

Q: A business normally produces and sells as much as demand allows. However, sometimes is constrained…

A: The inputs required to produce a thing or service are known as factors of production, and they…

Q: Which of the following people are consumption smoothing and which are not? Explain your reasoning…

A: The financial approach of consumption smoothing involves maximizing spending habits in order to…

Q: Adam Smith did not considered ________ as one of the component of production

A: According to the given question The components of the production in economics can be classified into…

Q: # Microeconomics Which of these does NOT contribute to economies of scale? complementary production…

A: economies of scale refers that production increases and long run average total cost is decreasing .…

Q: Solve the attachment.

A: Opportunity cost is termed as alternative cost. It is the lost gain which can be acquired from the…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Part (a): Time ConstraintIgnoring the concentration constraint, we need to find the maximum number…

Q: In the production process, both the average product and marginal product of the variable- input rise…

A: The statement that "In the In the production process both the average product and marginal product…

Q: A curve that shows the maximum amount of any two products that can be produced in an economy from a…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Abi Smithson may only be 9, but that isn’t stopping her from developing a new product and the plan…

A: The required answers for the questions are provided from a generalized economic perspective.The…

Q: Which expression is another way of saying "marginal benefit"? Total benefit Profit Extra benefit…

A: Marginal Benefit is the additional benefit received when an extra unit of output is sold. For…

Q: Describe the partners of an organization and Business models that alternate strategies and concepts…

A: Business models and organizations have partners and collaborate for the expansion of business.…

Q: Distinguish between the resource market and the product market in the circular flow model. In what…

A: The market of resource exists where entrepreneurs of resources (example, households) supply the…

Q: DISCUSS Smith's pin factory example. describe the dramatic effects and the method by which these are…

A: A worker who specializes performs only one task or a limited set of tasks. It refers to separate…

Q: What are the basics of a "circular economy'? In your answer briefly discuss such concepts as:…

A: The basics of a circular economy: plan out waste and contamination; keep items and materials being…

Q: Explain the relationship between the determinant (the cost of factors of production and the state of…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to purchase…

Q: Utopia produces only two products: cheese and wine. The production levels are shown in the table…

A: A production possibility table depicts the combination of two goods that can be produced by using a…

Q: Some media scholars might consider Marshall McLuhan a technological determinist because: Select one:…

A:

Q: __________ refers to the expenditures incurred by a firm to obtain the factors of production that…

A: Factors of production are the main pillars for producing output in the economy. All the inputs of…

Q: The following key concepts under the philosophy of production in Islamic economics are true EXCEPT,…

A: Production is an action to deal with natural substances into completed merchandise. To deal with raw…

Q: If Home’s relative productivity in cheese is higher than it is in wine, what does it imply? Explain.

A: The amount of output divided by the volume of inputs is generally referred to as productivity. In…

Q: "Product may be an idea, a physical entity or a service or any combination of the three." a.…

A: The process of economic production is an activity that is carried out under the supervision and…